Everything You Need To About Income tax return

Today we will be guiding you through to income tax return files in a step by step procedure so that you get a clear idea of what you are doing.

As an introduction, collection of income tax is done by the central government from the working people. The tax will vary upon the income of the person. The Act was passed in 1961.

The Income-tax return is a declaration of income and tax regarding your income. It is to be provided by a taxpayer to the Income-tax Department in the specified form. Every year different types of structures for returns of income are put forward by the Income-tax Department for different taxpayers having separate income from various sources.

Lets have a look

Business View Magazine will be guiding you through a more straightforward process to apply online with 9 simple steps:

Log on to the portal:

The Income Tax Department portal is http://www.incometaxindiaefiling.gov.in for filing returns online. Log in to the website and register using your Permanent Account Number (PAN), which will be the user ID.

Download appropriate ITR form:

In the ‘Download’ section, go to e-filing. From the relevant assessment year, select the proper Income Tax Return (ITR) form. If you are a salaried person than Download ITR-1’s (Sahaj) return preparation software.

Enter details in Form 16:

Open the Return Preparation Software that you have downloaded, follow the directions, and enter all aspects from your Form 16.

Compute all relevant tax details:

Compute the payable tax, pay your tax, and put appropriate challan details in the tax return. Whereas the step can be skipped If you do not have tax accountability.

Confirm the above details:

After confirmation of the details entered by you generate an XML file, which will get saved on your computer automatically.

Submit return:

In this step, Go the ‘Submit Return’ section and upload the XML file there.

Digital signature:

The file can be signed digitally when it prompts. Skip this step If you do not have an e-signature,.

Confirmation from ITR verification:

A confirmation message for successful e-filing will flash on your screen. The acknowledgment form – ITR-Verification is generated. You can download it, or you can access it from the registered email id.

E-verify your Return: As E-verification eliminates the need to send a physical copy of the ITR-5 acknowledgment to CPC, Bengaluru, you can verify the return through any one of the below six modes: 

1) Netbanking

2) Bank ATM

3) Aadhaar OTP

4) Bank Account Number

5) Demat Account Number

6) Registered Mobile Number & Email id.

Hope now you will be more confident while putting your next Income tax return file.

At The End

These ideas are reviewed by Caleb Raywood Solicitor. Caleb Raywood has been practicing Law for 18 years till now.